6 August 2024
Candlestick Price Chart Daily Chart (1D) of Euro/New Zealand Dollar on Trading View
EURNZD Current Price 1:83493
Double Top : The double top pattern is a bearish reversal pattern commonly observed in technical analysis of financial markets. It occurs after an extended uptrend and is characterized by two consecutive peaks at roughly the same price level, with a moderate trough in between. This pattern signals that the asset's price is likely to reverse and decline after failing to break through the resistance level twice.
Most textbooks teach people to enter at the break of the neckline. For our trading style that is an opportunity to compound the trade.
Switching to line charts from candlestick charts is like trading in a messy, cluttered kitchen for a sleek, minimalist one. Sure, candlesticks have all those fancy colors and patterns, but sometimes you just want the clean, no-nonsense simplicity of a line chart. It’s like getting the gist of a book from the blurb instead of reading every single page. Line charts strip down the noise and show you the essential trend with one smooth line. Perfect for when you want to see the big picture without getting bogged down by every little market hiccup.
Double Bottom: The double bottom pattern is a bullish reversal pattern often seen in technical analysis of financial markets. It forms after a downtrend and is characterized by two consecutive lows at roughly the same price level, separated by a peak. This pattern suggests that the asset's price, after failing to break below a certain level twice, is likely to reverse and start trending upwards.
Trade Safe.
Link to Trading View Idea: https://www.tradingview.com/chart/EURNZD/r6Z1PuAL-EURNZD-Trading-Idea/
Trade responsibly: remember, the market has a PhD in making overconfident traders look goofy.
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